EUROPE Act

Energy Unleashing in Response to the Offenses of Putin against Europeans Act or the EUROPE Act

This bill expedites approvals for natural gas exports to certain countries, imposes sanctions related to Russia, and addresses various energy-related issues.

Under this bill, an application to export natural gas to a country with a mutual defense treaty with the United States must be (1) deemed consistent with the public interest, and (2) granted without modification or delay. Further, the Federal Energy Regulatory Commission must expedite the approval for liquefied natural gas terminals intended for exporting natural gas to one or more of such treaty countries.

The Department of the Interior must immediately resume oil and gas leasing on public land and offshore waters without further review.

The bill also requires the President to, subject to various exceptions and conditions, impose sanctions related to (1) Russia's central bank, and (2) foreign financial institutions that knowingly facilitate transactions with Russia's central bank or other sanctioned Russian financial institutions.

The Export-Import Bank (Ex-Im Bank) must make assistance available to finance exports directly regarding clean energy technology, energy infrastructure, and the production of natural resources, with the goal of using at least 25% of its annual authorizations for such assistance. The Ex-Im Bank must set a goal to maximize the amount financed in certain situations, such as when an international strategic competitor is likely competing against a U.S. exporter for an energy-related contract.